Chinese Automaker Geely Acquires Terrafugia

Geely, a Chinese multinational automotive manufacturing company, announced today that it has acquired Terrafugia, a personal aircraft manufacturer based in Waltham, MA. Financial terms of the deal were not disclosed.

Meaning “escape from land” in Latin, Terrafugia was founded in 2006 by five pilots who are graduates of MIT with a mission to “expand the boundaries of personal mobility.”

Terrafugia’s flagship aircraft, The Transition, seeks to be the world’s first practical flying car. It offers the convenience of driving and the speed of flight, and it will incorporate autonomous technologies that could make the Transition safer than any other small aircraft. Terrafugia has developed and flown two full-scale prototypes, and it has received all of the special legal approvals necessary to bring the Transition to market in the U.S.